Signet Jewelers Q3 Profit Soars; Boosts FY22 Revenue Outlook - Quick Facts

(RTTNews) - Diamond jewelry retailer Signet Jewelers Ltd. (SIG) reported Thursday that net income for the third quarter soared to $83.9 million or $1.45 per share from $0.9 million or $0.02 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $1.43 per share, compared to $0.11 per share in the year-ago quarter.

Sales for the quarter increased to $1.54 billion from $1.30 billion in the same quarter last year. Looking ahead, the company now projects fourth-quarter total revenues in a range of $2.40 billion to $2.48 billion, with same store sales growth of 6 to 9 percent. It also projects fiscal 2022 total revenues in a range of $7.41 billion to $7.49 billion, with same store sales growth of 41 to 43 percent.

Previously, the company expected fiscal 2022 total revenues in the range of $7.04 billion to $7.19 billion, with same store sales growth of 35 to 38 percent.

The Company also now expects to close approximately 75 stores in Fiscal 2022 and open approximately 85, primarily in highly efficient Banter by Piercing Pagoda formats.